金融科技｜ “用户习惯+ETF发展”强化生态优势：2025年投资策略

User Behavior and Market Trends - Online and intelligent trading and wealth management habits have been established, leading to increased user stickiness [2] - Leading ecosystems have comparative advantages in both retaining existing users and acquiring new ones [2] - Brokerages primarily rely on partnerships with internet platforms for new user acquisition [2] International Expansion - Companies like Futu leverage China's comparative advantages in internet product development and operation to innovate and expand internationally [3] - Futu has successfully entered markets including Hong Kong, Singapore, Japan, Australia, the US, and Canada, with over 2 04 million paying users and a customer retention rate above 98% as of June [3] - Since 2022, over 90% of new customers have come from Hong Kong and overseas markets [3] ETF Development - Passive index funds now hold over 51% of A-share market value in equity-oriented public funds, surpassing active funds for the first time [4] - ETFs and mutual funds serve as underlying assets for asset management companies, providing low-cost solutions for investment advisory and accelerating the institutionalization of retail investors [4] - Leading platforms benefit significantly from the development of passive investment tools due to high market concentration [4] Business Model Advantages - Leading platforms benefit from high market concentration and near-zero marginal costs due to bilateral network effects [5] - User base size and stickiness are critical resources and bargaining chips in negotiations with traditional financial institutions [5] - The low marginal cost of acquiring and operating incremental users contributes to high ROE levels [5]